WO2007014200A9 - Method and system for transacting with a trading application - Google Patents
Method and system for transacting with a trading applicationInfo
- Publication number
- WO2007014200A9 WO2007014200A9 PCT/US2006/028805 US2006028805W WO2007014200A9 WO 2007014200 A9 WO2007014200 A9 WO 2007014200A9 US 2006028805 W US2006028805 W US 2006028805W WO 2007014200 A9 WO2007014200 A9 WO 2007014200A9
- Authority
- WO
- WIPO (PCT)
- Prior art keywords
- order
- price
- information
- trading
- security
- Prior art date
Links
Classifications
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- G—PHYSICS
- G06—COMPUTING; CALCULATING OR COUNTING
- G06Q—INFORMATION AND COMMUNICATION TECHNOLOGY [ICT] SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES; SYSTEMS OR METHODS SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES, NOT OTHERWISE PROVIDED FOR
- G06Q40/00—Finance; Insurance; Tax strategies; Processing of corporate or income taxes
- G06Q40/04—Trading; Exchange, e.g. stocks, commodities, derivatives or currency exchange
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- G—PHYSICS
- G06—COMPUTING; CALCULATING OR COUNTING
- G06Q—INFORMATION AND COMMUNICATION TECHNOLOGY [ICT] SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES; SYSTEMS OR METHODS SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES, NOT OTHERWISE PROVIDED FOR
- G06Q30/00—Commerce
- G06Q30/02—Marketing; Price estimation or determination; Fundraising
- G06Q30/0201—Market modelling; Market analysis; Collecting market data
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- G—PHYSICS
- G06—COMPUTING; CALCULATING OR COUNTING
- G06Q—INFORMATION AND COMMUNICATION TECHNOLOGY [ICT] SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES; SYSTEMS OR METHODS SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES, NOT OTHERWISE PROVIDED FOR
- G06Q40/00—Finance; Insurance; Tax strategies; Processing of corporate or income taxes
-
- G—PHYSICS
- G06—COMPUTING; CALCULATING OR COUNTING
- G06Q—INFORMATION AND COMMUNICATION TECHNOLOGY [ICT] SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES; SYSTEMS OR METHODS SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES, NOT OTHERWISE PROVIDED FOR
- G06Q40/00—Finance; Insurance; Tax strategies; Processing of corporate or income taxes
- G06Q40/06—Asset management; Financial planning or analysis
Definitions
- This invention relates generally to trading systems and, more particularly, to a system for transacting with a trading application.
- the present invention provides a system for transacting with a trading application that substantially eliminates or reduces at least some of the disadvantages and problems associated with previous transaction methods and systems .
- a system for transacting with a trading application includes an interface operable to receive an order message from a short message service component.
- the order message comprises a first short message comprising order information converted into a second format.
- the order information relates to an order for a trading system.
- a trading application coupled to the interface processes the order information and transmits order processing information in the second format to the short message service component to be converted into a second short message comprising the order processing information.
- the trading application comprises a virtual specialist that is operable to compute a buy-sell imbalance by measuring an imbalance between buy orders and sell orders for an instrument after fulfilling a trade order.
- the trading application further computes a projected price movement and sets a market price for the security by incrementing a previous market price by the projected price movement.
- the order information may comprise a buy or sell order for a first number of shares of an instrument representing an entertainment entity.
- the system may compute a projected price movement by retrieving a security price threshold from a database and comparing the security price threshold to the buy-sell imbalance.
- Computing a projected price movement may also include retrieving a security price increment from the database representing a quantity for price movement for the instrument and setting a projected price movement to the security price increment if the buy-sell imbalance exceeds the security price threshold.
- Technical advantages of particular embodiments of the present invention include a trading system that utilizes short message service communication for receiving trade orders.
- users are able to register with the trading system using short message service communication. Accordingly, users of the system are provided increased options and flexibility with regard to their opportunities to make trades and otherwise transact with the trading system.
- FIGURE 1 is a block diagram of an exemplary hardware environment of the present invention
- FIGURE 2 is a flowchart illustrating the general logic of a first embodiment of the present invention
- FIGURE 3 is a flowchart illustrating the logic of the pricing/trading program of the first embodiment of the present invention
- FIGURE 4 is a flowchart illustrating the logic of the generate market price program of the first embodiment of the present invention
- FIGURE 5 is a flow diagram illustrating the logic of the virtual specialist program of the first embodiment of the present invention.
- FIGURE 6 is a flow diagram illustrating the logic of the stop trading program of the first embodiment of the present invention.
- FIGURE 7 shows an exemplary administration module Screen for a second embodiment of the present invention.
- FIGURE 8A shows an exemplary interface for the second embodiment of the present invention with a new user registration screen
- FIGURE 8B shows the interface screen of FIGURE 8A with a new user welcome screen displayed
- FIGURE 9 shows the interface screen of FIGURE 8A with a system home page displayed
- FIGURE 10 shows the interface screen of FIGURE 8A with a user portfolio page displayed
- FIGURE 11 shows the interface screen of FIGURE 8A with a trade confirmation screen displayed
- FIGURE 12 is a flow diagram illustrating the logic of an initial security pricing program for the second embodiment of the system
- FIGURE 13 is a flow diagram illustrating the logic' of a security trade fulfillment and security price setting program of the second embodiment of the present invention.
- FIGURE 14 is a flow diagram illustrating the logic of a trade braking program of the second embodiment of the present invention.
- FIGURE 15 is a flow diagram illustrating the logic of a trade halting program of the second embodiment of the present invention.
- FIGURE 16 is a flow diagram illustrating the logic of a ghost trading program of the second embodiment of the present invention.
- FIGURE 17 is a flow diagram illustrating the logic of a research market tool of the second embodiment of the present invention.
- FIGURE 18 illustrates an administration module to adjust constants and variables in a system of particular embodiments of the present invention
- FIGURE 19 illustrates a communication system utilizing short message service communication, in accordance with particular embodiments of the present invention.
- FIGURE 20 is a flow diagram illustrating a method for registering with a trading application utilizing short message service communication, in accordance with an embodiment of the present invention.
- FIGURE 21 is a flow diagram illustrating a method for transacting with a trading application utilizing short message service communication, in accordance with an embodiment of the present invention.
- the present invention comprises a computer- implemented trading system for derivative financial instruments.
- the present invention accepts buy and sell orders from traders for the derivative financial instruments, sets a market price based on the supply and demand, and participates in the market as a trader in order to minimize price volatility.
- Particular embodiments of the present invention include a computer- implemented HOLLYWOOD STOCK EXCHANGE, which may be implemented as a simulation (i.e., game) or as an actual trading system for derivative financial instruments representing movies, talent, CDs, and television programs.
- HOLLYWOOD DOLLARS which are controlled by a virtual reserve bank program.
- the derivative financial instruments are identified by a Current Trading List displayed for the traders that comprises a list of movies in various stages of production, talent, and other entertainment-oriented assets.
- the list contains: name of the derivative financial instrument; genre of the movie (action-adventure, mystery, western, comedy, etc. ) ; production status (scripting, pre-production, filming, editing, release, home-video, etc.); number of shares in circulation; last trading price (printed every 15 minutes) price movement (i.e. +/- HOLLYWOOD DOLLARS) since the previous midnight (PST) ; price movement since the previous mid-day; and price movement year to date.
- Traders are able to view the list sorted by: name, alphabetically; genre, alphabetically; productions status, alphabetically; most active (number of shares traded yesterday) ; biggest gainers; biggest losers; and fastest movers today (e.g., fastest 20 movers up and fastest 20 movers down) .
- Each trader' s portfolio is identified by a Portfolio data structure that comprises the trader's account status. This information includes: the amount of cash in the trader' s account (paid interest at the system discount rate plus some increment, compounded daily) ; current percentage rate paid to cash; the total value of held stocks at the last selling price; the total value of held bonds at the last selling price; total portfolio value (TPV) (cash + bonds + stocks) ; percentage of TPV in cash; percentage of TPV in bonds; and percentage of TPV in stocks .
- TPV total portfolio value
- HMXI HOLLYWOOD STOCK EXCHANGE
- FIG. 1 a block diagram illustrates one hardware environment for particular embodiments of the present invention. More particularly, a typical distributed computer system is illustrated, which uses the Internet 10 to connect client computers 12 executing for example, Web browsers, to server computers 14 executing a computer program embodying the present invention.
- a typical combination of resources may include client computers 12 that are personal computers or work stations connected via the Internet 10 to server computers 14 that are personal computers, work stations, minicomputers, or mainframes.
- both the client computers 12 and the server computers 14 are comprised of one or more CPUs 16, various amounts of RAM storing computer programs 20 and other data, and other components typically found in computers.
- both the client computers 12 and the server computers 14 may include one or more monitors, and fixed or removable data storage devices 20 such as hard disk drives, floppy disk drives, and/or CD-ROM drives.
- input devices such as mouse pointing devices and keyboards, may be included.
- Both the client computers 12 and the server computers 14 operate under the control of an operating system, such as Windows, Macintosh, UNIX, etc. Further, both the client computers 12 and the server computers 14 each execute one or more computer programs 18 under the control of their respective operating systems.
- the present invention is preferably implemented as one or more computer programs 18 executed by the server computer 14, although in alternative embodiments these computer programs 18 may also be executed on the client computer 12.
- the computer programs 18 implementing the present invention are tangibly embodied in a computer- readable medium, e.g., one or more of the fixed and/or removable data storage devices 20 attached to the computer. Under control of the operating system, the computer programs 18 may be loaded from the data storage devices 20 into the RAM of the computer for subsequent execution by the CPU 16.
- the computer programs 18 comprise instructions which, when read and executed by the computer, causes the computer to perform the steps necessary to execute the steps or elements of the present invention.
- FIG. 2 a flowchart illustrating the general logic of a first embodiment of the present invention is shown.
- Block 200 represents the server computer 14 waiting for the next event to occur. Once the event occurs, control is transferred to blocks 202-224 to identify the event and respond accordingly.
- Block 202 is a decision block that represents the server computer 14 determining whether it received a request to display data from the client computer 12. If so, block 204 represents the server computer 14 transmitting data to the client computer 12 for subsequent display.
- the data transmitted for display preferably includes at least three types of data: the current list of trading derivative financial instruments, the trader's portfolio, and other reports generated by the server computer 14.
- Block 206 is a decision block that represents the server computer 14 determining whether it received a request to submit a buy order from the client computer 12 for a particular derivative financial instrument, e.g., stock or bond. If so, block 208 represents the server computer 14 processing the buy order by placing it in a queue in the memory of the server computer 14.
- the buy order is a data structure comprising: trader's account number; trader' s name; the time and date of the order; the stock or bond to buy; the cash balance in the trader's account/ and a text-field where the trader may enter the total number to buy (generally in multiples of 100) .
- the buy order waits in the queue for the expiration of a predetermined "sweep pricing cycle.”
- the sweep pricing cycle occurs periodically, such as every 15 minutes, or during another specified time interval.
- the marked price the trader actually pays for the derivative financial instrument is determined by the aggregate supply/demand for the derivative financial instrument at the end of the sweep pricing cycle during which the order was placed.
- the market price is set by the pricing/trading program executed by the server computer, which is described below in FIG. 3.
- the trader's account is then charged the market price for the derivative financial instrument. If the purchase uses up all available cash in the trader's account, the trader is "loaned" enough money to pay for the purchase, and their account is charged interest at a predetermined rate, e.g., 18% a year compounded daily, on the negative account balance. The interest is charged against the trader' s account until they accumulate more cash to zero out the balance, either by selling stocks or buying dollars.
- Block 210 is a decision block that represents the server computer 14 determining whether it received a request to submit a sell order from the client computer 12. If so, block 212 represents the server computer 14 processing the sell order by placing it in queue in the memory of the server computer 14.
- the sell order is a data structure comprising: trader' s account number; trader' s name; the time and date of the order; the stock or bond to sell; the amount of the stock or bond in the trader' s account; and a text-field where the trader may enter the total number to sell (generally in multiples of 100) .
- the sell order waits in the queue for the expiration of the predetermined sweep pricing cycle.
- the market price at which the trader actually sells the derivative financial instrument is determined by the aggregate supply/demand for the derivative financial instrument at the end of the sweep pricing cycle during which the order was placed.
- the market price is set by the pricing/trading program executed by the server computer, which is described below in Fig. 3.
- the trader's account is then credited with the market price for the derivative financial instrument.
- the sell order can be either produced by a trader or generated by the server computer 14, as will be explained in more detail below.
- the trader views a list of stocks or bonds owned by the trader on a monitor attached to the client computer and chooses to sell a quantity at the market price .
- the server computer 14 transmits certain information to the client computer 12 for display, including, for each stock owned, the last trading price (LTP) , the quantity of stocks, the purchase price, and the date purchased, Similarly, when viewing the list of bonds, the server computer 14 transmits certain information to the client computer 12 for display, including, for each bond owned, the last trading price (LTP) , the interest rate being earned for each kind of bond, the quantity of bonds, the purchase price, and the date purchased.
- LTP last trading price
- Block 214 is a decision block that represents the server computer 14 determining whether an internal timer for the sweep pricing cycle has expired. If so, block 216 represents the server computer 14 processing the timer executing a pricing/trading program as described in Fig. 3.
- Block 218 is a decision block that represents the server computer 14 determining whether it received a request to change the discount rate. If so, block 220 represents the server computer 14 executing a discount rate program. In order to add or subtract liquidity, the server computer 14 occasionally steps in to act as a virtual reserve bank program and adjust the discount rate. The discount rate is adjusted based on the performance of the specific industry of the market. For the HOLLYWOOD STOCK EXCHANGE, the discount rate is adjusted to add or subtract liquidity to affect the growth of the entertainment industry. When the server computer 14 lowers the discount, all the bonds seem to be a better deal, because the bonds are paying a fixed rate interest that never changes.
- the server computer 14 raises the discount the bonds seem to be a worse deal, since their advantage over the discount is smaller.
- the server computer 14 relaxes the buying pressures or demands for bonds, which should result in additional sell orders, or at least slow the buying of bonds, thus decreasing their prices as they trade in the market.
- stocks seem less attractive, since traders could make more money by keeping cash in their accounts and getting interest on it.
- Block 222 is a decision block that represents the server computer 14 determining whether it received a request to revise the derivative list. If so, block 224 represents the server computer 14 executing a listing program. The server computer 14 determines whether the list of derivatives trading in the system should be revised. The list could be revised to reflect new derivative offerings, expired derivatives, and delisted derivatives .
- the price is based on the derivative's potential value.
- the initial price of the stock could be based on the movie's potential box office revenue.
- the price of the bond could be based on the Hollywood Reporter's Star Power Index.
- a bond representing a talent with a low Star Power Index of 15 would be issued with a higher yield than a bond representing a talent with a high Star Power Index rating.
- a warrant with a strike price is attached to the new derivative when it is offered.
- the warrant is of no value until the strike price is reached.
- the strike price could be reached after the movie has grossed a certain level of revenue.
- a derivative is delisted from the exchange, a stock due to the movie ending its production run or a talent due to retirement or death, for example, the warrants are called and the traders are paid the value of the warrants, thus providing off-balance sheet financing for studios.
- Block 300 represents the server computer 14 retrieving the buy and sell orders that have accumulated in the queue during the period since the prior sweep pricing cycle.
- Block 302 represents the server computer 14 matching the buy orders with the sell orders, although it is likely than an identical number of buy and sell orders would not have accumulated in the queue during the period.
- Block 304 represents the server computer 14 executing the generate market price program described in Fig. 4 to determine the market price for the derivative financial instruments .
- block 306 represents the server computer 14 updating the traders' portfolios to reflect the buy and sell orders in the queue being processed at the market price.
- Block 308 represents the end of the pricing/trading program.
- Block 400 represents the server computer 14 measuring the imbalance between the buy and sell orders during the period since the prior sweep pricing cycle.
- Block 402 represents the server computer 14 determining the price movement of a derivative financial instrument caused by the imbalance in buy and sell orders.
- Block 404 represents the server computer 14 executing a virtual specialist program as described in Fig. 5 to provide stability and liquidity to the market.
- Block 406 represents the server computer 14 executing the stop trade program, as described in Fig.
- Block 408 represents the server computer 14 setting the market price, which becomes the price the pricing/trading program uses to update the traders' portfolios.
- Block 410 represents the end of the generate market price program.
- the absolute difference between the number of sells and the number of buys is defined as the net movement in sweep (NMS) .
- a sweep increment variable (SIV) is defined as the increase or decrease in price caused by an incremental imbalance in the number of buy orders and sell orders.
- a lot movement variable (LMV) represents the incremental lot size that will result in a price increase or decrease of one SIV.
- SIV $0.25
- LMV 5000
- the market price of the particular stock will be $0.50 greater than the last trading price.
- a virtual specialist program is executed by the server computer, as represented by block 404 in Fig. 4.
- the server computer 14 regulates the trading by actively trading in the market out of a virtual specialist portfolio (VSP) .
- VSP virtual specialist portfolio
- the virtual specialist program portfolio initially contains half of all the issued shares of each derivative financial instrument.
- Block 500 is a decision block that represents the server computer 14 determining whether or not the price movement during the sweep pricing cycle is greater or equal to an adjusted price movement threshold (APT) .
- the APT is a constant in the memory of the server computer 14. If the APT is greater than the price movement, then the server computer 14 does not trade in the market. If the price movement is greater than or equal to the APT, then the server computer 14 trades out of a virtual specialist program portfolio. The level of trading by the server computer 14 is determined by the amount that the price movement exceeded the APT. The greater the price movement, the more shares the server computer 14 trades to offset the price movement.
- Block 502 represents the server computer 14 generating a buy or a sell order to offset the price movement.
- the buy or sell order generated by the server computer 14 is placed in the queue with the trader buy and sell orders to be processed during the next sweep cycle .
- the server computer 14 could eventually deplete the virtual specialist program portfolio or cause the virtual specialist program portfolio to own all the shares of a stock.
- the server computer 14 In order to maintain a balanced virtual specialist program portfolio, and provide some liquidity to the market, the server computer 14 generates additional buy and sell orders to offset orders generated in response to the price movement exceeding the APT.
- Block 504 represents the server computer 14 generating timed buy and sell orders.
- the server computer 14 assess each stock and each bond in the virtual specialist program portfolio. The server computer 14 determines the deficit or surplus in the item, and then place l/288 th of the deficit as a "timed recovery order" into each successive 15 minute segment for the next 3 days.
- the pricing/trading program 255 matches buy and sell orders as represented by block 320, the pricing/trading program 255 includes any "timed recovery orders" outstanding for the last 3 days in the sweep. These orders are matched with the traders' buy and sell orders.
- Block 506 represents the end of the virtual specialist program.
- FIG. 6 is a flow diagram illustrating the logic of the stop trading program of the present invention.
- Block 600 represents the server computer 14 determining the price movement of a stock caused by the imbalance in buy and sell orders.
- Block 602 represents the server computer 14 measuring the price movement on the day, not just during the sweep cycle period.
- Block 604 is a decision block that represents the server computer 14 determining whether the net price movement (NPM) within one "trading day" (i.e., midnight-midnight) is greater than 50% up or down.
- NPM net price movement
- the buy and sell orders are removed from the queue if the net price movement is greater than 50% for a stock trading above $20.
- the trading in that issue is stopped within the 15 minute period until further notice. All orders (buy and sell) for that stock during this sweep are unfilled.
- the trading has stopped due to "excessive order imbalance”.
- Block 608 represents the STOP TRADE order that issues regarding the particular stock. Traders who issued a buy or sell order for the stock are notified that the order has not been filled due to excessive order imbalance during the trading day. Finally, block 610 represents the end of the stop trading program.
- a second embodiment of the system of the present invention includes a database of securities provided for trading in an open, computerized, exchange. Securities are listed which relate to movies, actors, products or service companies. Thus, the following description of the second embodiment focuses on the differences in functionality from the first embodiment, and may omit features which are nevertheless included in the second embodiment, but do not require further description.
- a plurality of tables including a global constant table 2022, development stage table 2024, price history table, 2020, net price movement table, 2008, security price table 2006, security constant table 2002, trade history tracking table 2010, net price movement balance table, 2012, ghost trading table 2014, administration table, 2016, and a user database table 2026, which are used as explained below.
- Interfacing with these tables are the virtual specialist program, 2028, which passes economic and price control data between all of the tables, a reserve bank program, 2030, which passes economic control data between all of the tables, and the user interface, 700, which passes ' trade and portfolio information between itself and the user database as explained below.
- a marketing tool 2040, as described below.
- the system includes an administration module which is used, as explained below, to adjust constants and variables in the system.
- the administration module is password protected and implemented with browser interface 700, also described below.
- An exemplary system comprises a Web client 12 connected to a network such as the Internet 10, which is connected to SQL compliant back-end database servers 14.
- a standardized Web browser interface 700 may be used by the user to register with the on-line trading system over Internet 10, providing demographic information, such as first name, last name, age, sex, location, occupation, income, hobby interest, and the like. Once registered, the user is given the option of choosing a unique userID which will be used for logging in after registration. In providing the demographic information, the user also provides an e- mail address to which a randomly assigned password and other instructional information can be forwarded.
- the first time user' s default portfolio may be accessed using a temporary password free login by selecting the View Portfolio button 802 in the upper left hand corner of a Welcome Web page 804.
- the system can be accessed over Internet 10 (Fig. 1) using Internet browser 700 by selecting a start button 902 present on a Web home page 804 for the system.
- the user is presented with their portfolio on Web page 700.
- the new user is provided with a fixed quantity of virtual currency 1002 in virtual dollars (V$) from a reserve bank program, described below, to begin trading with.
- V$ virtual dollars
- This quantity can either be considered a loan from the reserve bank program, for which interest is charged, or a gift.
- the user's portfolio summary 1004 is displayed at the top of the page, which displays the user's current cash balance 1002, amount held in stocks 1006, bonds 1008, and other types of securities.
- the cash value of the user' s portfolio is usually represented solely in cash 1002, or in a money market account. However, sometimes the system may award new users a free security holding up front, for example comprising bond securities 1008.
- the cash in the user's portfolio accrues at an interest rate set by a virtual reserve bank program.
- the user may trade security instruments by typing in the symbol 1012 for the instrument for which a purchase is desired in a buy-sell area of page 1010.
- a quantity 1014 is also specified in buy sell area 1010.
- GUI graphical user interface
- a lookup or search function is provided in a symbol search area 1016 of the screen using standard graphical user interface (GUI) features such as drop-down list boxes, text search boxes, or slider bar lists.
- GUI graphical user interface
- a ticker tape style updating menu 1018 at the bottom of the screen displays available instruments with the corresponding instrument prices.
- a buy button 1020 may be pressed in buy-sell area 1010.
- a confirmation screen 1102 appears before execution of the transaction.
- the trade is executed, and the cash is debited from the user' s cash account 1002 (Fig. 10) .
- a sell button 1022 is clicked on in buy-sell area 1010 of the portfolio page 1004.
- the market price for the shares sold is added to the user' s cash account 1008, and the shares are made available in the system for fulfilling purchase orders.
- the system includes a virtual specialist program which, among other things, handles fulfillment of buy and sell orders.
- the virtual specialist program controls the economy, and provides it with liquidity.
- the virtual specialist program provides instantaneous liquidity by fulfilling all orders, whether or not there are equal and matching sell orders to offset buy orders, and vice versa .
- a flow chart is shown illustrating the calculations performed by the virtual specialist program for determining an initial security price.
- the virtual specialist program calculates the initial price in a public offering for a new security to be listed on the exchange based on administrator entered values.
- a system administrator through a password protected administration module, is able to set up a new security for listing on the exchange.
- one way to determine price is by stage of production of the movie.
- Each movie has an associated estimated gross box office performance.
- An administrator is allowed to enter the estimated gross box office performance (EGBO) for the security, step 1202, in the administration screen.
- the administrator enters a quantity for the number initial of shares (NIS) issued for the security, step 1204.
- EGBO estimated gross box office performance
- NIS number initial of shares
- the number of shares issued is a hypothetical number since the virtual specialist program of the second embodiment does not actually keep any shares in reserve.
- the user also enters a code for the stage of production for the movie (described below) , step 1205.
- the virtual specialist program takes the EGBO, and divides it by the NIS to determine a raw initial share price (RIS), step 1206.
- RIS raw initial share price
- the initial share price (ISP) is then adjusted by a stage of production factor.
- C Concept: During a movie's concept stage, there is not active production yet. Rumors are heard about a 'new' project; maybe a sequel to an existing movie or a book adaptation.
- D Development: During a movie's development stage, the project has attracted interest, and funds are spent on developing the idea further. The final script premise is being perfected. Pre- conceptual design work is taking place. More crew and actors are dedicating themselves to the project in this stage.
- P Production: The project has moved to active production. All of the crew and stars have been selected, and principal photography is scheduled or commenced. The release date starts to become fixed.
- W Wrap: The movie has been completed in its entirety, and is awaiting release.
- the release date may have been pushed back a short time, maybe a number of weeks or months, to an unscheduled future date, awaiting a more favorable window of opportunity for commercial success .
- R Release: The movie is playing in theaters. When a movie is in the concept stage, it is much more difficult to determine the likelihood of success for the movie than when the movie is in the production, wrap, or release stage.
- the production cycle relates to a continuum of success, begging with the concept stage, where it is more difficult to judge potential success, and ending with the release stage, where actual box office receipts can be observed to more accurately determine the potential success of a movie.
- the RIS should be reduced accordingly.
- the virtual specialist program checks to see if the movie is in the concept stage. If so, then the price of the security is multiplied by an administratively set concept factor for movies in the concept stage, step 1210.
- the virtual specialist program checks to see if the movie is in the development stage, step 1212. If so, then the price of the security is multiplied by an administratively set development factor for movies in the development stage, step 1214.
- the virtual specialist program checks to see if the movie is in the production stage, step 1216. If so, then the price of the security is multiplied by an administratively set production factor for movies in the production stage, step 1218.
- the virtual specialist program checks to see if the movie is in the release stage, step 1224. If so, then the price of the security set to the raw unchanged RIS, step 1226.
- the above described factors are not the only factors which could be used in adjusting the RIS.
- the RIS could be adjusted by such factors as an industry box office index of the movie's cast, an industry popularity index for the cast, an estimated budget, actual budget, or the release season for the movie. Further, it should be recognized that different factors will be used for product, actor, or service company securities to determine initial price.
- the calculated initial price for a movie is not statically tied to the above formula. Regardless of the estimated price determined by the above factors, in the system of the second embodiment, the price is further adjusted after release of the movie. On the morning following a movie's release date, trading for the movie stock is halted. Trading is allowed to continue at the end of its opening weekend at an adjusted price that is based on the following formula: (opening weekend box office gross / 1 MM) * (a historic multiplier for total domestic gross)
- the ideal historic multiplier value for the second embodiment of the present invention has been found to be 3.6.
- the initial price for a bond in the market is determined in a similar way as with stocks.
- one way to determine price is by historical performance of movies the star has starred in.
- TAG is the trailing average box- office gross of the movies a star has been in during the preceding 3 years.
- TAG values and ratings correspond to one of 11 classes: AAA, AA, A, BBB, BB, B, CCC, CC, C, U, and D.
- Each one of the 11 star bond ratings classes corresponds to a virtual dollar interest rate or coupon rate (see chart below) .
- the rating and coupon for an individual actor in the second embodiment of the system of the present invention is determined according their TAG value as follows:
- AAA average gross: more than $100 million Coupon: V$60 AA average gross: $75-99.9 million Coupon:V$80 A average gross: $50-74.9 million Coupon:V$100 BBB average gross: $40-49.9 million Coupon: V$140 BB average gross: $30-39.9 million Coupon: V$160 B average gross: $20-29.9 million Coupon:V$180 CCC average gross: $15-19.9 million Coupon: V$220 CC average gross: $10-14.9 million Coupon: V$240 C average gross: $5-9.9 million Coupon: V$260 U (unrated) average gross: less than $5 million Coupon: V$300
- the system is programmed under the principle that some traders buy star bonds whose rating is low in anticipation of the star's appearance in an upcoming blockbuster, raising the TAG (Trailing Average Gross), rating and price. Conversely, traders sell star bonds whose rating is high in anticipation of the star's appearance in an upcoming flop, lowering the TAG, rating and price.
- a star bond with a U rating means that the bond is un-rated and a rating of D means that the bonds is in default.
- the system administrator updates TAG values, and thus, class ratings, as box office results are reported.
- the virtual specialist program sweeps the star bond market, looking for bond ratings which need to be updated. Because a star bond's value is based on the cumulative performance of a movie, the virtual specialist program uses a 1.24 multiplier of the gross to date to estimate the movie's total gross after four weekends.
- the price for bonds may be determined in a number of ways. One way a bond price may be determined is by assigning a box office index to the bond, which is based on the bond rating, and multiplying the index by a constant to obtain the price.
- the bond rating can be adjusted by other factors, such as the number of films the bond' s associated star has appeared in, the length of the star' s career, the relative billing the star receives for the individual films that the star has appeared in, and the public' s morality perception of the star. All of these factors are administratively set by the system administrator, and are then multiplied together with the box office index to obtain an adjusted box office index. The bond rating is then determined using the adjusted box office index.
- Another way of determining an initial bond price is to determine the initial value in the same way the other security prices are determined as described above; namely by using a number of market factors, while determining future prices for bonds in the same way that other security prices are adjusted by the virtual specialist program as described below instead of using tradition fixed bond par values.
- the virtual specialist program stores a running net movement balance (NMB) representing the quantity of securities for orders that the virtual specialist program fulfills which do not have any offsetting orders.
- NMB running net movement balance
- the imbalance is stored as a positive number if the buy-sell imbalance represents more buy trade orders executed than sell orders, or a negative number if the buy-sell imbalance represents more sell orders executed than buy orders.
- Fig. 13 a flowchart illustrating the calculations for determining price movement of a security is shown.
- the virtual specialist program of the second embodiment does not control the economy by setting prices of shares based on last executed buy order price. Rather, the virtual specialist program determines the price of an instrument after each trade by computing an outstanding buy-sell imbalance.
- the system scans or sweeps a trade queue containing the data for buy and sell orders placed by users for price adjustment, step 1202.
- the buy-sell imbalance for the security also referred to herein as the net movement balance (NMB) is read from a net movement balance database where net movement balances for all securities are tracked, step 1304.
- the virtual specialist program controls security prices by incrementing or decrementing security prices based on the NMB using a combination of a security price increment (SPI) constant, and a pair of security price threshold constants.
- SPI security price increment
- PSPT positive security price threshold
- NSPT negative security price threshold
- a record is added to the trade queue.
- a net trade movement (NTM) variable for a trade order is set to the positive quantity of shares if the trade order is a buy order, and to the negative quantity of shares if the trade order is a sell order, step 1306.
- a new NMB is calculated by adding the pre-trade NMB, as retrieved from a net price movement table 2008 (NMB (old) ) , to the NTM, step 1308.
- the NSPT and PSPT constants for the securities are retrieved the security constant table 2002, step 1310.
- a security price increment (SPI) constant for the security which is the subject of the trade order is retrieved from the security constant table 2002, 1312.
- the NMB is then compared to the PSPT, step 1314. If the NMB is greater than the PSPT, then the price for the security (SP) is calculated by adding the SPI to the SP before the trade which was retrieved from a security price table 2002, step 1316. The NMB is then reduced by the PSPT and stored back to the net price movement table 2008, step 1318.
- SP price for the security
- step 1320 if the NMB is less than the NSPT (a negative value) , step 1320, then the SP (new) is calculated by subtracting the SPI from the SP (old) , step 1322. The NMB is then incremented by the NMB (which is also negative in this case), step 1324.
- the SP is stored in a security price table 2006, step 1326, which keeps track of all security prices. If the price of the security changed, a price history tracking table 2020 is updated, performing a write SQL statement which adds a record comprising the SP, NMB, UserID, and other information relating to the trade, step 1328.
- the NMB is updated in the net movement balance table 2008 for the security that was the subject of the trade order, step 1330.
- Each record of the net movement balance database further contains an increment tracking field for keeping track of the number of consecutive increments for the security instrument, up or down.
- the stored information is used by a marketing tool, explained below, which provides statistical information to market researchers.
- the last steps for processing a trade record are to call the security brake check routine, step 1332, and the security halt check routine, step 1334, both explained in detail below.
- a security may realize wild fluctuations in price. This is especially true in a market in which virtual currency is used in a virtual market. Given the special circumstances of the virtual market, the system provides an artificial price control, or braking, mechanism.
- the braking mechanism of the present invention monitors each price increment the virtual specialist program performs.
- the increment tracking field of the net movement balance table 2008 is retrieved for the security, step 1402.
- a security brake threshold (SBT) constant, and a security brake increment (SBI) constant is retrieved from the security constant table 2002, steps 1404-1406.
- SBT security brake threshold
- SBI security brake increment
- a halting mechanism is provided by the system.
- Fig. 15 a flowchart illustrating a process for preempting trading for certain securities with out of control price movements is shown.
- the halting mechanism acts much in the same way as the braking mechanism.
- the TCPI or TCPD is retrieved for the security which was the subject of the trade order above from the price tracking history table 2020, step 1502.
- the exception is that a security halt threshold (SHT) constant is compared to the value from TCPI/TCPD field, step 1504. If the TCPI/TCPD field value exceeds the SHT, steps 1506 or 1508, then trading is halted for that particular security, step 1510.
- SHT security halt threshold
- Trading for the security may be resumed after an administratively set period of time, or manually through an administration module.
- the ghost trading system of the second embodiment is used as both a tool to bolster the trading level of some securities which would otherwise have low trading levels and, more importantly, as a means for the system administrator to take control of the economy after changing thresholds, constants and global variables.
- the ghost trading system is used to speed up the actions of the economy by creating volume that, when processed with new variables changes the direction of the market quickly.
- a ghost trading mechanism randomly creates automatic or ghost trades.
- a ghost trading table 2014 is provided with a timer, which reads the system clock and determines daily time intervals, is included. The system periodically queries the ghost trading table 2014, step 1602. Each security instrument record in the ghost trading table 2014 is set to cause a trade for an administrative set number of times per trading day. If the timer detects that the time interval between trades for a security has ended, step 1604, the ghost trading mechanism retrieves a ghost buy probability (GBT) from the ghost trade table 2014, step 1606. A random trade constant (RTC) is generated by the system, 1608. Next, a ghost security buy/sell quantity (GBQ) is retrieved from the ghost trade table 2014, step 1610.
- GBT ghost buy probability
- RTC random trade constant
- step 1612 a buy order is placed by the system for the number of shares specified by the GBQ, step 1614. Otherwise, a sell order is placed for the number of shares specified by the GBQ, step 1616.
- the term trade or the term trade order also includes stop limit orders and short sells.
- stop limit orders and short sells.
- the only difference in these types of trades is when the actual trade is posted.
- the stop limit order placed by a user, for example, when the user specifies the condition in which the trade should take place, the stop limit order is stored in a stop limit order queue.
- the stop limit queue is checked by the virtual specialist program to see if any stop limit conditions are met. If so, the normal trade queue is updated with the stop limit order, and the virtual specialist program performs the trade as with a normal trade.
- the system of the present invention includes a virtual reserve bank program.
- the reserve bank program regulates the economy with monetary tools which are provided within a reserve bank program module. With these tools, certain system global constants, such as total money supply and interest rates can be adjusted.
- adjustable global constants are built into the an administration table 2016 for the virtual trading system. By raising or lowering rates, the amount of interest paid on the virtual dollars not tied up in securities is adjusted for the users. In this way, the unused money in users' accounts act as money market accounts for which interest is adjusted accordingly.
- a virtual reserve bank program chairman can determine interest rates and security threshold constants by using global interest threshold constants (GITCs), and acts as a monitor of inflationary and deflationary pressures in the system.
- Inflationary and deflationary pressure may be defined as the size of the system economy, i.e., number of shares of securities which obtain a certain defined price. For example, the. total outstanding shares may have a combined par value of V$8 billion, and the total market price for the shares outstanding may be V$80 billion with about V$5 billion average daily trading volume.
- the virtual specialist program for the majority of securities in the system, may have PSPTs set to 10,000 and NSPTs set to - 10,000.
- the money market rate may be set to 7% under these market conditions by the reserve bank program. However, if prices on the exchange were to inflate to a value of V$200 billion, for example, the PSPT might be increased by 10,000 and the NSPTs decreased by 10,000, and the money market interest rate reset to 15%.
- the system' s virtual reserve bank program and/or the virtual specialist program may monitor certain inflationary thresholds and trigger a drain of the system if those thresholds are met.
- a system drain users are offered the opportunity to exchange virtual dollars into U.S. Dollars for exchange of goods and/or services.
- the drain will have the effect of taking virtual currency out of the system, thus helping to control inflation.
- Executing the drain comprises comparing the overall currency and/or security holdings to a drain constant administratively set in the global constant table 2022. When the global constant has been reached or exceeded, users are offered the opportunity to purchase products, such as software or mail order products, with their virtual dollars.
- the cost of the products are debited from their accounts and orders are added to a product fulfillment database designating that the offered products need to be sent to the user.
- the orders are stored in a drain history database so that statistical information can be drawn in the marketing research tool explained below.
- the second embodiment of a market research tool is also implemented in the client server environment over Internet 10.
- Computer 12 is used as a front end for a market research user who wishes to access the system of the present invention to view and download statistical research data which has been compiled and stored on servers 14 from the users' demographic data and trading history.
- the market research user accesses the market research tool by logging into the system, step 1702.
- Each market research user may establish an account, by either subscribing on-line or by telephone before using the system.
- the market research user is prompted for a user identification code and password for entry into the system.
- the market research user Upon successful login into the system, the market research user is presented with a list of securities in the system database, step 1704.
- the market research user may, by use of a mouse or arrow keys, highlight securities for which the user wishes to view or download statistics, step 1706.
- the market research user may use a combination of the mouse, arrow keys and shift key. If the shift key is held down during selection, the prior selections made by the user are retained as highlighted selections in combination with the new selection.
- Selection criteria may also be selected to choose a certain class of securities, or securities which meet, for example, a minimal trading volume threshold over a specified period of time.
- Exemplary categories which may be obtained regarding a security or group of securities include: trade volume information, buy vs. sell volume information, timing of volume information, total volume held information, investment concentration information, price information, stop limit order volume information, short sell volume information, and aggregate index information.
- a very high trade volume over a period of time indicates a high degree of awareness for the security. Conversely, minimal volume indicates very little awareness.
- a query is performed on a trade history tracking table 2010 maintained by the virtual specialist program which contains a mirror image of all trades fulfilled by the virtual specialist program.
- a trade volume query answer table is created which contains, for each requested security, overall trade volume figures, yearly trade volume figures, monthly trade volume figures, and daily trade figures.
- buy vs. sell volume information if the volume for a security is predominantly buy-side volume, or volume generated by traders buying the security, it is generally due to a positive awareness. A predominantly sell-side volume for a security indicates that traders believe the security to be overvalued.
- the market research tool performs a query on the trade history tracking table 2010 and the price history tracking table 2020 described with respect to the virtual specialist program above. The query creates a temporary buy-sell volume answer table for all securities requested.
- the buy-sell volume answer table contains, for each security, overall buy volume figures, overall sell volume figures, yearly buy volume figures, yearly sell volume figures, monthly buy volume figures, monthly sell volume figures, daily buy volume figures, and daily sell volume figures.
- the trade volume for a security may be evaluated with respect to the stage of development that a project, for example a movie or actor's career, is in.
- a film that has just entered production for example, hasn't been marketed by the studio to the public yet.
- High trading volume for the related movie stock may represent great public awareness for the movie or positive reaction by traders to the combination of actors who star in the movie.
- a non A-list actor that has high trade volume has a relatively high awareness.
- the market research tool performs a query on the trade history tracking table 2010 and related development stage history table 2024, which keeps track of start and completion times of stages of development.
- the query creates a temporary timing volume answer table for all securities requested.
- the timing volume answer table contains, for each security, timing volume figures for each stage of production or project.
- the market research tool performs a query on the trade history tracking table 2010 which calculates the average number of shares held for each trader for the requested securities for each trader.
- the query creates a temporary total volume held answer table for all securities requested.
- the total volume held answer table contains, for each security, the time that each trader held each security they purchased, along with the volume held.
- the market research tool performs a query on the trade history tracking table 2010 to retrieve figures for the average volume per share for all requested securities held at any time by all traders.
- the query creates a temporary investment concentration answer table for all securities requested.
- the total investment concentration answer table contains, for each security, the average volume that each trader held for each requested security.
- security prices are tied to perceived sales performance for the product or person which the security is tied to.
- movie stock prices are tied to perceived box office performance. If a movie stock is priced at $30, and a trader thinks that the movie will gross more than $30 million at the box office, the trader will most probably buy the movie stock.
- the system of the present invention has the ability to find out what films, actors, phonorecordings or products consumers perceive will be successful.
- the market research tool performs a query on the price history tracking table 2020, described with respect to the virtual specialist program above, to retrieve price per share for all requested securities held by traders.
- the query creates a temporary price answer table for all securities requested.
- the price answer table contains, for each security, the price for each requested security.
- stop limit order information the system of the present invention tracks traders who set the price a security must obtain before a trade order is filled. Stop limit orders are not filled in the event that the market doesn't hit the specified price before the time that the order expires. This functionality gauges traders' sensitivity to a price. For example, if a trader will only buy a movie stock below $30, that may indicate that the trader only perceives a limited upside for the security, and thus believes that the movie will not be an industry blockbuster.
- the market research tool When the market research user directs the system to obtain stop limit order information, the market research tool performs a query on the trade history tracking table 2010 to retrieve price per share and volume figures for all requested securities held at any time by all traders which were stop limit orders, whether the limit for such orders were met or not.
- the query creates a stop limit order answer table for all securities requested.
- the stop limit order answer table contains, for each security, price per share and volume figures for every stop limit order requested by traders for the requested securities.
- short sell information if a trader thinks that the value of a security is going to decline, the trader can short sell the security. Analysis of short sell volume on a security can gauge if there is negative sentiment towards the security.
- the market research tool performs a query on the trade history tracking table 2010 to retrieve short sell volume figures. The query creates a short sell answer table for all securities requested.
- the short sell answer table contains, for each security requested, the short sale trades orders by all traders.
- index performance information by aggregating market information into indices, insights can be drawn about the market as a whole.
- a movie studio security index can be generated by calculating the sum of a studio's ten highest priced movie stocks over time. The performance of such an index tends to measure the potential strength of a studio's distribution, or the potential box office potential of the studio's upcoming films.
- the market research tool performs a query on the price history tracking table 2020 to retrieve price change figures for the securities in all requested indices.
- the query creates a temporary index performance answer table for all securities requested.
- the index performance answer table contains, for each requested index, price change over time figures.
- step 1708 the market research user may- choose any number of the above categories of information for display or download for the securities selected in step 1706 by an on-screen selection or check list.
- the market research user may then select an onscreen Ok button to execute the research.
- the system then compiles and executes a selection of SQL query calls according to all selections made by the user, step 1710.
- the query results are compiled and prepared for display, step 1712.
- pre-programmed graph, trend line and textual templates are used to display the query results on the GUI client display for all chosen securities and information categories described above, step 1714.
- the user After display, the user is given the option, by selection button, to download the displayed results and underlying query data, step 1716.
- the market research user is allowed to select from a variety of download formats, such as ASCII, xbase, dbf, HTML, tif, gif, bmp, or the like, step 1718.
- the market research user is allowed to choose a download location on the local client, step 1720.
- the system then proceeds to compile the data into the chosen format, step, 1722.
- the data is then transferred, using any one of a variety of protocols such as zmodem, xmodem, ftp, or any one of the OSI industry standard protocols, step 1724.
- a TCP/IP socket is used.
- step 1726 After transfer, the market research user is prompted for whether another query is desired, step 1726. If another query is desired, execution is passed back to step 1704 for another research iteration. Otherwise, time and/or transaction charges, which are tracked from login time at step 1702, are compiled and displayed on client 12, step 1728. The charges are simultaneously stored in a billing database for the next billing cycle, step 1730. The user is then logged out of the system, step 1732.
- FIGURE 19 illustrates a communication system 110, in accordance with a particular embodiment of the present invention.
- communication system 110 may be used as a hardware environment for transactions in accordance with trading systems and methods of particular embodiments described herein.
- system 110 includes mobile station 120, wireless interface 122, base station system 124, mobile switching center 126, visitor location register 128, home location register 130, communications network 132 and trading system 140.
- Communication systems in accordance with other embodiments of the present invention may utilize the same or different components than those illustrated with respect to system 110.
- mobile station 120 communicates using short message service (SMS) messages through communications network 132.
- SMS short message service
- the messages may be intended for a trading system 140 for transacting trades in various types of derivative financial instruments or securities relating to movies, actors, actresses, talent, CDs, products, service companies, television programs, or any other suitable entertainment events.
- SMS is designed to provide guaranteed delivery of text messages to a destination.
- a mobile station 120 is able to receive or submit a short message (SM) at any time, independent of whether a voice or data call is in progress.
- SMS messages may be stored in a network for later delivery in the event of a temporary network failure.
- short message shall refer to a text message communicated over a wireless device using SMS technology.
- Mobile station 120 provides voice and/or data services to user 111 of communication system 110.
- Mobile station 120 communicates with components of system 110 over a wireless interface 122.
- Mobile station 120 may comprise any wireless device operable to communicate with components of system 110.
- Mobile station 120 may, for example, comprise a mobile telephone, a personal digital assistant, a wireless e-mail device, or a computer coupled to a wireless modem or radio unit.
- mobile station 120 comprises a dual mode mobile station operable to communicate with components of system 110 using a first protocol and with other components of system 110 or another network using a second protocol.
- mobile station 120 may communicate using GSM protocols and using Electronic Industries Alliance / Telecommunication Industry Association (EIA/TIA) IS-136 protocols. In such case, mobile station 120 comprises a dual mode GSM/IS-136 mobile handset.
- EIA/TIA Electronic Industries Alliance / Telecommunication Industry Association
- Base station system (BSS) 124 provides bidirectional communication with mobile station 120 over wireless interface 122.
- BSS 124 may comprise any hardware, software, firmware, or combination thereof operable to communicate with mobile station 120 over a wireless interface 122.
- BSS 120 may, for example, comprise one or more base transceiver stations that may comprise radio transmission/reception devices, components or objects, and antennas.
- the base transceiver stations may be coupled to a base station controller of BSS 124 that uses a landline (such as a high-speed Tl/El line, for example) interface.
- the base transceiver stations may operate as a series of complex radio modems and may assist in performing a handover execution process where appropriate and may also perform transcoding and rate adaptation functions in accordance with particular needs .
- BSS 124 may also comprise one or more base station controllers that operate as a management component for a radio interface. This management may be executed through remote commands to a base transceiver station within communication system 110.
- the base station controllers may manage more than one base transceiver station. Some of the responsibilities of a base station controller may include management of radio channels in assisting in handover scenarios. Any number of suitable communications objects or elements may be included within, external to, or coupled to components of BSS 124, such as base station controllers and base transceiver stations .
- Wireless interface 122 facilitates communication between mobile station 120 and BSS 124.
- Wireless interface 122 may comprise any wireless interface or communication link operable to transfer circuit-switched and/or packet-switched information between mobile station 120 and base station 124.
- Interface 122 may, for example, comprise a GSM General Packet Radio Service (GSM/GPRS) interface or a GSM Enhanced Data rates for GSM Evolution (GSM/EDGE) interface.
- GSM/GPRS General Packet Radio Service
- GSM/EDGE GSM Enhanced Data rates for GSM Evolution
- Mobile switching center 126 operates as an interface between communications network 132 and base station system 124.
- Mobile switching center 126 represents a location that generally houses communication switches and computers and ensures that its cell sites in a given geographical area are connected.
- Cell sites refer generally to the transmission and reception equipment or components, potentially including a number of suitable base station systems that connect elements such as mobile station 120 to a network, such as network 132.
- mobile switching center 126 may monitor the movement and the transfer of a wireless communication from one cell to another cell and from one frequency or channel to another frequency or channel.
- communication system 110 may include multiple mobile switching centers 126 that are operable to facilitate communications between base station system 124 and network 132.
- Mobile switching center 126 may also generally handle connection, tracking, status, billing information, and other user information for wireless communications in a designated area. This may include, for example, the fact that a user of mobile station 120 is assigned certain wireless capabilities or use time, most likely based on a given fee schedule associate with a mobile network.
- Home location register (HLR) 130 is a storage unit or database that includes subscriber information relevant to communication services. HLR 130 may store or otherwise maintain information related to parameters associated with mobile station 120 and user 111 of mobile station 120 and may further be potentially independent of the physical location of the user. HLR 130 may also include information related to the current location of mobile station 120 for incoming call or message routing purposes. HLR 130 may comprise any hardware, software, firmware, or combination thereof operable to store user management information.
- Visitor location register (VLR) 128 is a storage unit that includes dynamic information about capabilities offered to user 111 of mobile station 120.
- VLR 128 may include information relating to preferences associated with the user of mobile station 120.
- VLR 128 and HLR 130 may communicate with each in order to provide mobility to devices being implemented by the user.
- VLR 128 may be configured to be its own separate entity or alternatively included within MSC 126 or within any other suitable device.
- VLR 128 may further include a copy of data stored in HLR 130. Any suitable user profile information may be contained within VLR 128 and the data stored in VLR 128 may be transferred or otherwise communicated to HLR 130, network 132, or BSS 124 where appropriate .
- Communications network 132 includes short message service center 138, SMS gateway mobile switching center 134 and SMS interworking mobile switching center 136.
- Communications network 132 couples and facilitates wireless or wireline communication between components of communication system 110.
- Communications network 132 may, for example, communicate Internet Protocol (IP) packets, Frame Relay frames, Asynchronous Transfer Mode (ATM) cells, voice, video, data, and other suitable information between network addresses.
- IP Internet Protocol
- ATM Asynchronous Transfer Mode
- Communication system 110 may also communicate data via wireless communications, such as by Wireless Application Protocol (WAP) standard protocols, including 802.11, third- generation (3G) protocols (such as W-CDMA or CDMA 2000, for example) , or Global System for Mobile Communications (GSM) protocols, for example.
- WAP Wireless Application Protocol
- 3G third- generation
- GSM Global System for Mobile Communications
- Communication system 110 may include one or more local area networks (LANs), radio access networks (RANs) , metropolitan area networks (MANs), wide area networks (WANs), interactive television networks, public-switched telephone networks (PSTNs) , all or a portion of the global computer network known as the Internet, and/or any other communication system or systems at one or more locations.
- LANs local area networks
- RANs radio access networks
- MANs metropolitan area networks
- WANs wide area networks
- PSTNs public-switched telephone networks
- communication system 110 may include additional communications networks which may be partially or totally separate networks or partially overlapping networks.
- additional networks may comprise public networks, such as the Internet, or private or restricted-access networks, and may utilize different communications protocols, such as a Signaling System 7 protocol or an Internet protocol.
- SMSC 138 controls the delivery of short messages to and from mobile station 120. SMSC 138 receives and routes messages to their intended recipients. For example, SMSC 138 may receive short messages from and route messages to mobile station 120 and trading system 140. In particular embodiments, SMSC 138 is operable to control the delivery of GSM Short Message Service messages. SMSC 138 may comprise any hardware, software, firmware, or combination thereof operable to manage the communication of short messages.
- SMS gateway mobile switching center (GMSC) 134 is a mobile switching center that receives messages to be communicated to a mobile station 120 from SMSC 138.
- GMSC 134 may receive a short message from SMSC 138, interrogate HLR 130 for routing information and deliver the short message to mobile switching center 126 for delivery to mobile station 120.
- GMSC 134 may be coupled to other networks, such as a public land mobile network, and/or to an SS7-IP interworking unit.
- GMSC may be coupled to home location register 130 using a GSM MAP/C link.
- GMSC 134 and SMSC 138 communicate using proprietary protocols, and GMSC 134 performs an interworking function to convert between the protocol used by an SS7-IP interworking unit to which it is coupled, such as the GSM MAP protocol, and the protocol used by SMSC 138.
- GMSC 134 may comprise any hardware, software, firmware, or combination thereof operable to receive from and communicate messages to components of system 110.
- SMS interworking mobile switching center (IWMSC) 136 receives short messages from MSC 126 and communicates them to SMSC 138.
- IWMSC 136 may be coupled to other networks, such as a public land mobile network, and/or to an SS7-IP interworking unit.
- IMSC 136 and SMSC 138 may communicate using proprietary protocols, and IMSC 136 may also performs an interworking function to convert between the protocol used by an SS7-IP interworking unit to which it is coupled, such as the GSM MAP protocol, and the protocol used by SMSC 138.
- IMSC 136 may comprise any hardware, software, firmware, or combination thereof operable to communicate messages between components of system 110.
- GMSC 134 and IWMSC 136 are integrated with SMSC 138.
- HLR 130 Upon interrogation by SMSC 128, GMSC 134 and/or IMSC 136, HLR 130 provides the routing information for a user. If SMSC 138 has previously initiated unsuccessful short message delivery attempts to a particular mobile station, HLR 130 may inform SMSC 138 when such mobile, station becomes recognized by a mobile network to be accessible. HLR 130 may be coupled to gateway GMSC 134, MSC 126 and VLR 128 and may provide data relating to the capabilities or the services offered to a user of mobile station 120 generally based on some potential payment scheme.
- Trading system 140 is able to communicate with mobile station 120 through an interface 141.
- Interface 141 may comprise any hardware, software or encoded logic operable to communicate with mobile station 120 through short message service communication. Such communication may include both short messages transmitted by mobile station 120 and short messages received at the mobile station 120.
- Trading system 140 includes a memory 142, a database 144 and a processor 146.
- Processor 146 is typically a microprocessor, controller or any other suitable computing device or resource.
- Memory 142 will usually be any form of volatile or non-volatile memory including, without limitation, magnetic media, optical media, random access memory (RAM) , read-only memory (ROM) , removable media or any other suitable memory component.
- Memory 142 includes components or software executable by processor 146.
- memory 142 includes a trading application 148.
- Database 144 acts as a storage vehicle for trading system 140.
- database 144 includes account, order, stock, transaction and other information accessible for use by trading application 148.
- Memory 142 and database 144 may be integrated or separate .
- Trading application 148 is operable to perform trading transactions involving any of a number of types of instruments, such as derivative financial instruments representing movies, talent, CDs, television programs, sports personalities and/or other entertainment entities.
- Trading application 148 may include any number of components to aid in carrying out its functions described herein.
- trading application 148 may perform various functionality associated with computer program 18 of FIGURE 1.
- Such components may include a virtual specialist program, a reserve bank program and other programs and tables described herein with respect to particular embodiments.
- Trading application 148 may accept buy and sell orders from traders for instruments, set a market price based on supply and demand and participate in the market as a trader in order to minimize price volatility. These instruments could be purchased with dollars or with a virtual currency controlled by a virtual reserve bank.
- Trading application 148 receives buy and sell orders through communications network 132 for the instruments and matches the buy orders to the sell orders to complete transactions.
- trading application 148 may utilize a virtual specialist function that responds to an imbalance in the matching of buy and sell orders and engages in trading in the market to offset price volatility to provide liquidity.
- the virtual specialist function may also stop trades that exceed an excessive order threshold, thereby preventing abuse of the system.
- the functions of one or more of the components of system 110 may be incorporated into logic encoded on at least one computer-processable medium.
- the logic may be encoded in hardware, software instructions, and/or firmware instructions stored in any suitable device such as, for example, a random access memory (RAM) , a readonly memory (ROM) , an application-specific integrated circuit (ASIC) , or a field programmable gate array (FPGA) .
- RAM random access memory
- ROM readonly memory
- ASIC application-specific integrated circuit
- FPGA field programmable gate array
- user 111 of mobile station 120 may desire to register with trading system 140. To do so, user 111 may use mobile station 120 to transmit, over system 110, a short message to trading system 140 that includes a username and a short code identifying the user.
- the username identifies the user and may comprise any number of characters.
- the short code may act as a password for the user for access to the services of trading system 140 and may comprise any number of characters.
- SMSC 138 confirms that the user's short message does not exceed the threshold capacity of short messages allowed to be sent by the user. For example, user 111 may only be allotted a certain number of messages for transmission per week. If user 111 has met his allotment of transmitted short messages, then SMSC 138 will notify the user at mobile station 120 that such allotment has been met and will not allow the short message to be communicated to trading system 140.
- SMSC 138 may convert the short message to another format, such as an extensible markup language (XML) format, for communication to trading application 148 of trading system 140.
- XML extensible markup language
- trading application 148 may retrieve account information for user 111 from database 144.
- user 111 may have previously utilized services provided by trading system 140 through voice communication or otherwise, however this may be the first time user 111 is attempting to use such services through short message communication. If so, database 144 may have available information concerning the user, such as credit card information, account balance or other suitable information, for use by trading application 148.
- Information provided by user 111 through the short message communication may be stored at database 144.
- User 111 may also register with trading system 140 using short message communication even if the user has not previously utilized services provided by trading system 140.
- Trading application 148 may communicate a return message to SMSC 138 for communication to mobile station 120 where the message may be received by user 111.
- Such return message may confirm for user 111 that the user's account is open or in good standing.
- Such return message may include other information as well, such as the current account balance of the user with trading application 148.
- the return message may be transmitted from trading system 140 in XML or other suitable format.
- SMSC 138 may convert the return message into short message format so that the information contained in the message may be read by the user at mobile station 120.
- user 111 may place an order with trading application 148 using short message communication from mobile station 120. In such case, user 111 may use mobile station 120 to transmit an initial short message to SMSC 138 containing pertinent information regarding the order.
- the short message may be "Buy BRIT 50000," indicating that the user would like to buy 50,000 shares of a stock having the symbol BRIT.
- User 111 may make other types of orders or transactions, such as sell orders, through short messages communicated from mobile station 120. SMSC 138 converts the short message to XML or another suitable format for communication to trading application 148.
- Trading application 148 completes the order for the user if possible. For example, if the order is a buy order, trading application 148 may match the order with a corresponding sell order for the same stock. In particular cases, trading application 148 may only be able to complete part of the order, such as a purchase of only 25,000 out of a total 50,000 shares requested, or trading application 148 may not be able to complete the order. For example, if user 111 does not have an adequate account balance with trading system 140 then the order may not be completed. Moreover, in particular cases there may not be enough shares to sell as requested for purchase by user. Trading application 148 communicates the status of the order back to user 111 and mobile station 120.
- such communication may, for example, be "Trade Completed, " "Partial Trade Completed - 25,000 Shares” or "Not Possible to Trade.”
- the response communication from trading application 148 may be sent from trading system 140 to SMSC 138 for communication to mobile station 120.
- Trading system 140 may also use short messaging techniques to communicate market announcements, market updates, and any other suitable market or account information to users 111.
- SMSC 138 may charge an account of the user a fee (i.e., $0.25) for making a transaction through short message communication with trading application 148. SMSC 138 may charge such fee when it recognizes particular key words contained in a short message transmitted from mobile station 120, such as "buy,” “sell,” “trade” or other applicable terms.
- FIGURE 20 is a flowchart illustrating a method for registering with a trading application, in accordance with an embodiment of the present invention.
- Step 150 begins with receipt of a short message comprising registration information.
- the short message may be originally transmitted by a user at a mobile station 120 and may be received at a short message service center 138.
- the registration information may comprise a username, password, short code or other identification or security information of the user 111 for use at a trading application 148.
- a determination is made whether the user 111 has exceeded an allotment of short messages permitted in a particular time period. Such determination may be made at the short message service center 138.
- the short message service center 138 transmits a short message comprising rejection information to the mobile station 120 for view by the user 111 indicating that the user 111 has exceeded the user's short message allotment.
- the short message comprising registration information is converted to a second format, such as an XML format.
- the registration information is communicated in the second format to the trading application 148.
- the trading application 148 verifies the registration information of the user 111. Such verification may be accomplished by accessing a database of trading or account information of the user. In particular cases, the user may not have previously utilized the services of the trading application 148. In such situations, the verification step may include verifying credit card or other account information of the user included in the original short message.
- the trading application 148 transmits verification information in the second format.
- the verification information may include an indication that the user's account is open or in good standing.
- the verification information in the second format is converted to a short message that comprises the confirmation information. Such conversion may be accomplished at the short message service center 138.
- the short message that comprises the verification information is transmitted to the mobile station 120 for view by the user 111.
- FIGURE 21 is a flowchart illustrating a method for transacting with a trading application 148, in accordance with another embodiment of the present invention.
- Step 170 begins with receipt of a short message comprising order information relating to an order that a user desires to place with a trading application 148.
- the order information may comprise information relating to a buy order, a sell order or another type of order or transaction.
- the order information may additionally include a stock or other instrument of an entity and a number of shares in the stock that the user desires to buy, sell or trade.
- the short message comprising the order information may be originally transmitted by the user 111 at a mobile station 120 and may be received at a short message service center 138.
- the short message comprising order information is converted to a second format, such as an XML format.
- the order information is communicated in the second format to the trading application 148.
- the trading application 148 processes the order information. Such processing may include completing the order as desired by the user 111 by matching the order to a corresponding order. For example, if the order was a purchase of 1000 shares of a particular entity at a certain price, then the trading application 148 may match the order with a corresponding sell order for 1000 shares of the same entity at the same price. Processing the order information may include additional functions of a virtual specialist as described herein.
- the processing step may also include adjusting account balances of the user, such as the user' s credit and entity share accounts to reflect the completion of the order.
- account balances of the user such as the user' s credit and entity share accounts to reflect the completion of the order.
- the trading application 148 may not be able to complete the user' s order or may only be able to partially fill the order.
- the trading application 148 transmits order processing information in the second format.
- the order processing information includes information indicating for the user the status of the order (i.e., order completed, order partially completed, order not completed).
- the order processing information in the second format is converted to a short message that comprises the order processing information. Such conversion may be accomplished at the short message service center 138.
- the short message service center 138 may charge a fee to an account of the user for placing the order with short message communication.
- the trading application 148 may charge the user a fee for transacting utilizing short message communication.
- the short message that comprises the order processing information is transmitted to the mobile station 120 for view by the user 111.
- Steps may be modified, added or omitted without departing from the scope of the invention. Additionally, steps may be performed in any suitable order without departing from the scope of the invention.
Abstract
Description
Claims
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AU2011201362A AU2011201362B2 (en) | 2005-07-25 | 2011-03-24 | Method and system for transacting with a trading application |
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AU2006272654A1 (en) | 2007-02-01 |
EP1913518A2 (en) | 2008-04-23 |
AU2011201362A1 (en) | 2011-04-14 |
WO2007014200A1 (en) | 2007-02-01 |
US20050267836A1 (en) | 2005-12-01 |
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